Jason Sandefur
Intelligent fastener producer TZ Ltd. acquired Chicago-based Product Development Technologies for $12 million. PDT has worked with TZ to help develop, engineer and produce a prototype of TZ’s intelligent fastener that can be remotely secured or unsecured by a wireless computer. PDT will now function as TZ’s fulltime product development operation.
“The acquisition of PDT is a very important development for us,” stated TZ chief Chris Kelliher. “One immediate benefit is the dramatic increase in our ability to meet the increasing demand for our intelligent fastening technology.”
Kelliher said the technology was gaining attention in the aerospace and defense industries. In December 2004 TZ signed a $10 million licensing agreement with Textron Fastening Systems to commercialize TZ’s Intelligent Fastening Technology (IFT). TZ is also working with Alcoa Engineered Products on a range of construction fasteners. Web: tzinc.com �2005 FastenerNews.com
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